mecum indy ferrari

I haven't seen a picture of it, but my guess is that's 250 Monza #0432 M, Mecum's star car for Monterey.

 

Rumor is Mecum bought the car from Jack Croul sometime in September-October 2012 for around $6M to have as a lead car for this years Monterey. Seems he did the same last year with 750 Monza s/n 0462 which he still has and is currently at Fantasy Junction. If true will be interesting to see if big bets will pay off in the hurly burly world of Monterey.

 

I think it was sold for well north of that.

 

Seems as thought he is doing that more than people know.

 

Key word : Rumor. Statement = around $6M. Point is : Monterey- "The Carny/Circus Crap Shoot Show is in town". Facts: Auction companies buy inventory, partner up via guarantees- advance loans to clients and will cut deals during consignment on consignment commission selling costs in order to get inventory. Then they may cut sellers/buyers commissions during on the block/or post block action all in order to close deals etc. Not always with full disclosure. So who knows what or who you are bidding against or what the real selling numbers are unless the lot is hammered sold which also may not reflect a real sale. In addition bids are often run to the reserve then reported as high bid no sale. Point: Auction bought, owned and entered inventory does not always translate into success on the block for the auction company but sure makes for good entertainment : Witness: Mecum owned 750 Monza 0462 still on the market after a reported no sale high bid (real?) $3.2M Monterey Mecum 2012

 

Mostly true.

However, I've never seen/heard of an auction house reducing the BUYER's premium (percentage) rate on a lot which has REALLY AND TRULY sold (NON-STAGED)/SPONTANEOUSLY 'LIVE' (i.e. 'organically') on the block, etc.

 

ALL TRUE. READ CAREFULLY. Key words of my post: during on the block/or post block action all in order to close deals etc. FACT: Personal witnessed experience while on site Monterey auction 2010: Family relatives car stalls on the block extremely close to reserve. Auction principal huddles with bidder, quickly shuttles over to my relatives and myself off stage position. Quickly explains bidder will not budge, tries hard grind on relative to lower reserve, relative refuses, states he only sell if receives net reserve amount, auction principal quickly goes over and huddles with bidder. Car hammers sold. Relative and I meet with bidder/purchaser several weeks post sale to exchange sellers original historical documents, (copies were with auction company pre sale) tool kit, spare parts etc.. Purchaser reveals he would not budge to auction principals offer (during on block action) to reduce an unstated amount of next mandatory required bid increase increment of $5,000 but instead he counter offers to auction principal to split 50-50 loss of 1 percent of the buyers fee to close deal. Deal done. RESULT: Relative receives his net reserve amount. Seller pays 0 sellers fee. Auction company makes sale, makes up difference in bid short of reserve out of buyers commission, cuts sellers fee to 0 and buyers premiums on block, sells lot, receives sellers consignment entry fee + buyers premium commission of 10% less of 50-50 split of loss on 1 percent of buyers premium less amount needed to make up net reserve to seller on a Lot selling price of $500,000+. EQUALS: Auction company making $35,000 + rather than 0. PUBLIC PERCEPTION: Sale occurred at selling price + purchase commission.

 

How is it that the actual amount of Buyer's Premium paid was only $35,000 on a car which hammered for $500,000+ despite the fact that according to you the EFFECTIVE Buyer's Premium rate was 9.5%?

 

YOUR WRONG.ONCE AGAIN READ CAREFULLY. PREHAPS WITH YOUR GLASSES ON. I NEVER STATED WHAT THE TOTAL BUYERS PREMIUM PAID WAS. NOR DID I STATE THE AMOUNT THAT THE AUCTION COMPANY NEEDED TO CONTRIBUTE TO THE SELLERS AMOUNT TO BE RECEIVED BY THE SELLER TO MAKE UP THE UNDER RESERVE BUYERS LAST BID IN ORDER TO SATISY THE SELLERS NET RESERVE. ALL I STATED WAS THE CAR SOLD FOR MORE THAN $500,000 AND THE AMOUNT TO THE AUCTION CO. WAS $35,000 + WHICH MEANS TO ANYONE WHO CAN READ MORE THAN $35,000 TO THE AUCTION COMAPNY RATHER THAN NOTHING. THE POINT IS: WHAT YOU PERSONALLY MAY THINK OR OBSERVE IS NOT ALL THAT OCCURS IN THE AUCTION WORLD.

 

I apologize for NOT seeing the '+' after the $35,000 in your original post (which I read and responded tn my iPhone whilst attending the RM Villa Erba auction live last night).

When the Monterey auction house eventually posted the results of the sale on their website, what was the TOTAL dollar amount cited for the lot your relative sold? Was it 'deceptively' listed as the hammer price (which the lot realized on the block) PLUS the normal 10% Buyer's Premium? Or, was the published total price achieved 'shown accurately' as some amount below that cumulative total?

 

Can you *Please* stop typing in all caps. This is Fchat, not a gamer bulletin board. I know you're trying to make a point but when you type in all caps, the rest of us reading the thread are effectively 'getting yelled at'.
Thanks for your consideration.
Best Regards,
Dave

 

Terra,
No apology necessary, however it is accepted and no offense meant or taken. Web cast looked like you were having a very interesting evening Yes the total price posted by the company was the last under the reserve hammered sold bid plus the 10% Buyers Premium and the not actual behind the curtain facts.

 

Dave,
No worries, I will refrain from typing in all caps. I apologize if you were offended in any way which was not my intent. I recognize you may have thought you and the rest of the readers were being yelled at which was not the case, however I mistakenly assumed that since my posed thread remarks which were directly responding to the quote included thread from Terra that any other readers would recognize it was directed to Terra and take that into consideration.

 

to see if anyone knows if this car will actually be in Monterey?